Keynote Address. AFME European Compliance and Legal Conference London. Verena Ross Executive Director. Ladies and gentlemen,
|
|
- Barnard Holt
- 5 years ago
- Views:
Transcription
1 20 September 2017 ESMA Keynote Address AFME European Compliance and Legal Conference London Verena Ross Executive Director Ladies and gentlemen, It is a pleasure for me to be here this morning and I would like to thank Simon Lewis for inviting me to give this keynote address to a distinguished group of legal and compliance professionals. We live in a different financial world than we did back in Ten years ago the world faced a financial crisis, followed by an economic crisis, and since then there have been considerable efforts to bring our economies back on a sustainable growth path. Regulation intended to prevent similar turmoil, is now either in place or close to implementation. The first signs of growth in the European Union may be regarded as the fruit of this focused reaction. On the other hand, these encouraging results have come at a time when, for the first time in a generation, a Member State is leaving the European Union. These developments will change the way EU markets operate in future and bring new considerations to investor protection and market stability. In this speech I would like to focus my remarks on MiFID II/ MiFIR; a game-changer that will impact every part of the securities trading value chain, from trade execution and investor protection to reporting and distribution. I will (a) first briefly reflect on the journey that brought us to where we are today. Then, (b) with particular reference to ESMA s work, I will (i) give you an update of the latest deliverables and (i) highlight the anticipated publications we aim to conclude in the coming months. Being here in London today makes it also apt to share a few considerations from a regulatory perspective on the big elephant in the room - the UK s forthcoming withdrawal from the EU. ESMA CS rue de Grenelle Paris Cedex 07 France Tel. +33 (0)
2 MiFID II/MiFIR: The journey so far MiFID II presents one of the key pillars for reforming financial markets after the financial and economic crisis and comes along with very challenging implementation deadlines. The clear objective of MiFID II is to make financial markets more stable, more transparent and more diligent in their duty of catering for investors. While the one-year extension bought us valuable time for ensuring that implementing measures are in place ahead of the start of the new regime - by that I don t only mean ESMA but also national supervisors and market participants we now have three months left to make sure our systems and procedures are up and running. MiFID II/ MIFIR will come into effect on 3 January 2018 and (I want to say it loud and clear) there will be no further delays in its implementation. ESMA Implementation of MiFID II Technical Standards MiFID II gave ESMA the largest mandate ever given by legislation in terms of volume of Level II work. Since delivering its technical advice in 2014, ESMA has delivered over forty technical standards covering issues ranging from market microstructure, pre- and post-trade transparency, and commodity derivatives to authorisation procedures and best execution. ESMA devoted significant resources to the development of these implementation measures in accordance with the mandate given to us. This included the consultation of stakeholders at various times, extensive data analysis, and a cost-benefit analysis assessing the impact of our technical standards. I am happy that the European Commission has adopted delegated acts based on ESMA s technical advice and also adopted nearly all technical standards based on drafts prepared by ESMA including the three important technical standards on non-equity transparency, the ancillary activity test and position limits subject to some suggested amendments. More recently we have also submitted two draft regulatory technical standards on package orders and the non-equity consolidated tape to the European Commission that will hopefully be endorsed soon. IT/Data Collection and Reporting ESMA s IT Work Programme is dominated by the legal requirements for data collection and reporting stemming from MiFID II/MiFIR, in particular the Financial Instruments Reference Data System (comprising the collection of reference and trading data and the calculation of the comprehensive transparency parameters) and the double volume cap mechanism (which will allow the collection and publication of data on volume of trading across the EU per equity instrument, and percentage of trading under transparency waivers). 2
3 Work on this major project, which requires ESMA to connect to around 300 trading venues, is on track and is planned to go live in time with the application of MiFID II/MiFIR. This project will allow us to collect data on about 15 million financial instruments and publish all transparency parameters and reference data on financial instruments in a one-stop shop rather than market participants having to retrieve this information from 28 national competent authorities. We expect this to achieve important economies of scale thereby lowering costs for industry and taxpayers. Convergence Work It is not only important to have rules but also to see that these are applied consistently across the Union. ESMA has undertaken a broad range of activities aimed at facilitating MiFID II/MiFIR implementation for market participants and relevant stakeholders. There is an inexhaustible demand for clarification and guidance reaching us at ESMA (both directly from market participants and via NCAs). We have tried to continue to give as much guidance as possible in the limited time available and within our limited resources. Coming to consistent views across national regulators can also be time consuming. Let me briefly outline the key areas we have worked on to provide guidance on MiFID II/MiFIR. - Opinions Over the last months, ESMA has published various, new opinions. Firstly, we have published an opinion clarifying the concept of Traded on a Trading Venue (TOTV), in particular for OTC-derivatives following many requests for clarification that we received from stakeholders. Our opinion provides for, a pragmatic and cautious approach ensuring that MiFID II/ MiFIR is implemented in an expedient manner. We will closely monitor market developments and may opt for a more ambitious approach in the future should we consider this necessary. Secondly, we issued two opinions providing more certainty on the trading of third-country trading venues in the context of the MiFIR post-trade transparency and the MiFID II position limit regime. In addition, we published an opinion providing market size figures needed for market participants to establish whether an activity is to be considered ancillary to the main business. - Q&A EU law isn t always easy to interpret and the ESMA Q&A is a helpful instrument to provide additional clarity. An extensive set of Q&As covering all areas of MiFID II/MiFIR (investor protection, transparency, market data, market microstructure and commodity derivatives) have been produced by ESMA with the most recent additions being 14 Q&As covering information 3
4 on costs and charges, post-sale reporting and appropriateness/ complex financial instruments in the area of investor protection. - Workshops In order to further help market participants, prepare for the application start date of MiFID II and related IT systems which I mentioned earlier, ESMA devised and implemented a communication plan with the aim of holding at least six workshops, with trading venues from all over the EU, during the implementation process. To date, ESMA organised four workshops with the remaining two to be set before the end of The workshops have proven to be another very useful tool to ensure communication between ESMA and the future users of those systems (trading venues and NCAs) and to address issues encountered. Forthcoming Work Trading Obligation for Derivatives One major remaining task is the assessment of which classes of derivatives have to be subject to the trading obligation for derivatives foreseen in MiFIR. In this respect, ESMA issued a Discussion Paper (DP) on its general approach to this important topic last Autumn which was well received by stakeholders. Work on this topic continued this year with the publication of a Consultation Paper that included a new and significantly improved data analysis taking into account many concerns raised by stakeholders. We are now at the final stages of sending the draft technical standards to the Commission. Hand in hand with the clearing obligation under EMIR, ESMA firmly believes in the positive effects the trading obligation will have on the transparency and competitiveness of derivatives markets. To ensure smooth implementation we hope the Commission can quickly endorse the RTS and also take related equivalence decisions. Transitional Calculations for Non-Equity Instruments Over the summer, we published the transitional calculations for non-equity instruments specifying the LIS- (Large In Scale) and SSTI- (Size Specific to the Financial Instrument) thresholds for all instruments, and the liquidity status of all instruments except bonds, thereby providing more certainty on the new transparency regime and giving market participants half a year to prepare their systems. The publication of the transitional calculations on the liquidity status of all instruments will be completed before the year end. Suitability Guidelines On the investor protection area, the guidelines on certain aspects of the MiFID II suitability requirements are in consultation until October 2017 and I take this opportunity to encourage you to provide us with your valid feedback. 4
5 Transparency Waivers In terms of opinions, we are currently working on ESMA opinions on pre-trade transparency waivers for equity and non-equity instruments. While we already issued quite a number of opinions on waiver notifications, there remains still significant work to be done. We received about 250 waiver notifications for equity instruments and about 500 notifications for non-equity instruments. Position Limits Lastly, we are working on ESMA opinions on position limits for commodity derivatives. Last July we published the very first opinions on position limits on corn, milling wheat and rapeseed derivatives and more will follow in due course. We expect to handle more than 100 notifications on position limits. Concluding Remarks: MiFID II/ MiFIR I think it is fair to say that good progress has been made in achieving clarity on the shape of the future MiFID II/MiFIR regime. The legal certainty obtained by the adoption of important regulatory technical standards (supported by a package of opinions, guidelines and Q&As) should allow for most of the necessary planning and investment in systems, policies and procedures. However, the impact that MiFID II will have on securities markets cannot be understated. Firms and trading venues should fully understand the effect this legislation will have both on their businesses and on the industry as a whole. The landscape is set to change and we all must stand ready to adapt. I am convinced that firms who willingly engage and adapt are those that benefit most. There are still matters that merit clarification such as the interaction of MiFID II/MiFIR with the SFTR. Also, supervisors are having a lot of discussions with firms on the implementation of the new rules on various topics. Although ESMA has been doing its best to support market participants, we do not have all the answers, some of which will depend on the practical application of the rules to specific circumstances, and we rely strongly on professionals like you to give the best chance of success to the new regulatory regime. The journey was long and at times unpredictable but we re now at a critical juncture, three months before the implementation deadline. Making the new regime work is crucial as we seek to make EU markets more transparent, efficient, attractive and safer to invest in. Brexit I would like to finish my address with a few regulatory considerations on the UK s withdrawal from the Union; a scenario that will not only change many of our personal lives but is also set to significantly alter business models in the European financial sector. 5
6 In 2016 the Global Financial Centres Index placed London once again as the leading global financial centre, ahead of New-York, Singapore, Hong-Kong and Tokyo 1. This highlights the prominent role played by London in the EU single market for financial services, operating as a hub for the whole Union. The UK s withdrawal from the European Union creates a unique situation requiring a common effort, at EU level, to safeguard investor protection, the orderly functioning of financial markets and financial stability. ESMA work on Brexit In the course of the UK withdrawing from the EU, UK-based market participants may seek to relocate entities, activities or function to the EU27 in order to maintain access to EU financial markets. New authorisations must be granted in full compliance with Union law and in a coherent manner across the EU27, and there should be no automatic recognition of existing authorisations from other jurisdictions. Any outsourcing or delegation arrangement from entities authorised in the EU 27 to third country entities should be strictly set and consistently supervised, while recognising that such arrangements may be an efficient way to perform some functions or activities. Outsourcing or delegation arrangements should not result in entities becoming letterbox entities nor in creating obstacles to effective and efficient supervision. It is important to remember that firms and entities have the freedom to decide to locate in any of the EU27 they choose. This is an important pillar of the single market, of the EU. However, relocation should never be a decision taken with the intention of avoiding stricter regulatory standards in other jurisdictions. During the first weeks of June, we published an opinion setting out general principles to foster consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the UK. These are not new legislative developments but a practical tool to address a new and evolving situation and support supervisory convergence in the EU27. Building on the general opinion we developed further sector-specific guidance dealing with investment firms, investment funds and trading venues. In addition, ESMA, through the recently established Supervisory Coordination Network, is providing a forum for reporting and discussions among NCAs regarding specific cases of market participants seeking to relocate entities, activities or functions to the EU27. The forum s objective is to promote consistency of supervisory decision-making by NCAs. With the United Kingdom (UK) leaving the EU, a significant number of market infrastructures and the corresponding activity will be located outside the EU, whilst they will remain of the 1 6
7 utmost importance for EU financial markets. This reinforces the need to build the CMU and increases the importance of third country issues for EU financial markets. ESMA believes that, depending on the risks posed by third country entities going forward, it is important to have the possibility of supervision at EU level like it has been proposed for certain non-eu CCPs that play an important role for the EU financial markets. Conclusion This brings me to the end of my speech. The implementation of MiFID II/ MiFIR as well as the withdrawal of the UK from the EU are testing both supervisors and market participants. However, I am confident that together we can meet these challenges and further strengthen financial markets in the EU. I would like to thank you for your attention and I will hand over to Tilman now, but would be happy to answer some questions later. 7
Financial markets today are a global game between a variety of highly interconnected players. Financial regulation sets out the rules of this game.
30 November 2017 ESMA71-319-65 Keynote Address ASIFMA Annual Conference 2017 Hong Kong Verena Ross Executive Director Ladies and gentlemen, I am very pleased to be with you today and to have been invited
More informationClearing the way towards an OTC derivatives union
Date: 22 September 2015 ESMA/2015/1417 Clearing the way towards an OTC derivatives union 2015 ISDA Annual Europe Conference Ladies and gentlemen, It is good to be back at a major ISDA event and I am delighted
More informationQuestions and Answers On MiFID II and MiFIR transparency topics
Questions and Answers On MiFID II and MiFIR transparency topics 18 November 2016 ESMA/2016/1424 Date: 18 November 2016 ESMA/2016/1424 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
More informationQuestions and Answers On MiFID II and MiFIR transparency topics
Questions and Answers On MiFID II and MiFIR transparency topics 19 December 2016 ESMA/2016/1424 Date: 19 December 2016 ESMA/2016/1424 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
More informationUse of UK data in ESMA databases and performance of MiFID II calculations in case of a no-deal Brexit
5 February 2019 ESMA70-155-7026 PUBLIC STATEMENT Use of UK data in ESMA databases and performance of MiFID II calculations in case of a no-deal Brexit The European Securities and Markets Authority (ESMA)
More informationICI Global 2017 Capital Markets Conference St. Paul s Conference Centre, London
5 December 2017 ESMA34-45-450 Keynote Address ICI Global 2017 Capital Markets Conference St. Paul s Conference Centre, London Verena Ross ESMA Executive Director Ladies and Gentlemen, I am very pleased
More informationESMA s priorities for the asset management community ALFI European Asset management Conference ESMA s priorities for the asset management community
Date: 6 March 2019 ESMA35-43-1740 ESMA s priorities for the asset management community ALFI European Asset management Conference ESMA s priorities for the asset management community ALFI European Asset
More information7th Annual Cross-Border Distribution Conference - European Convention Centre Luxembourg
12 February 2019 ESMA34-45-634 Keynote Address 7th Annual Cross-Border Distribution Conference - European Convention Centre Luxembourg Verena Ross Executive Director European Securities and Markets Authority
More informationQuestions and Answers On MiFID II and MiFIR post trading topics
Questions and Answers On MiFID II and MiFIR post trading topics 14 December 2017 ESMA70-151-957 Date: 14 December 2017 ESMA70-151-957 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
More informationSpeech for the AIMA Global Policy and Regulatory Forum 18 May 2016, London. The Capital Markets Union, supervisory convergence and asset management
Date: 18 May 2016 ESMA/2016/735 Speech for the AIMA Global Policy and Regulatory Forum 18 May 2016, London The Capital Markets Union, supervisory convergence and asset management Verena Ross Executive
More informationThe State of European Financial Markets
17 October 2017 ESMA71-99-61x The State of European Financial Markets European Securities and Markets Authority Conference Name Paris Steven Maijoor Chair Dear Vice-President, Dear Honourable Members of
More informationKeynote address International Investors Conference European Capital Markets Union Update and Future
Date: 18 October 2018 ESMA35-43-1376 Keynote address International Investors Conference European Capital Markets Union Update and Future 27 November 2018, Wiesbaden, Germany Verena Ross ESMA Executive
More informationChallenges in the European Supervision of Asset Management
Date: 9 October 2012 ESMA/2012/669 Challenges in the European Supervision of Asset Management BVI Asset Management Conference Frankfurt, 9 October 2012 Steven Maijoor, ESMA Chair Ladies and Gentlemen,
More informationOpinion On the European Commission s proposed amendments to SFTR reporting standards
Opinion On the European Commission s proposed amendments to SFTR reporting standards 4 September 2018 ESMA70-151-1651 4 September 2018 ESMA70-151-1651 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
More informationPolitical agreement was reached on the AIFMD in October The text of the Directive was published in the Official Journal (OJ) in July
Date: 13 October 2015 ESMA/2015/1535 ESMA advice on the application of the AIFMD passport to non- EU AIFMs and AIFs and ESMA opinion on the functioning of the AIFMD EU passport and of the National Private
More informationFinancing Growth in the EU
27 September 2018 ESMA71-319-83 Financing Growth in the EU European Banking Summit Brussels Verena Ross Executive Director Ladies and gentlemen, I am delighted to be here at the European Banking Summit
More informationConsultation Paper RTS specifying the scope of the consolidated tape for non-equity financial instruments
Consultation Paper RTS specifying the scope of the consolidated tape for non-equity financial instruments 03 October 2016 ESMA/2016/1422 Date: 03 October 2016 ESMA/2016/1422 Responding to this paper ESMA
More informationCapital Markets Union: building competitive, efficient capital markets trusted by investors
Date: 06 November 2014 ESMA/2014/1339 Capital Markets Union: building competitive, efficient capital markets trusted by investors Finance for Growth Towards a Capital Markets Union Brussels Steven Maijoor
More informationOutstanding uncertainties in the MiFIR post trade transparency framework
13 November 2017 Verena Ross European Securities and Markets Authority 103 Rue de Grenelle 75007 Paris France Outstanding uncertainties in the MiFIR post trade transparency framework Dear Verena, One of
More informationQuestions and Answers On MiFID II and MiFIR commodity derivatives topics
Questions and Answers On and MiFIR commodity derivatives topics 15 December 2017 ESMA70-872942901-28 Date: 15 December 2017 ESMA70-872942901-28 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France
More informationConsultation Paper Review of Article 26 of RTS No 153/2013 with respect to MPOR for client accounts
Consultation Paper Review of Article 26 of RTS No 153/2013 with respect to MPOR for client accounts 14 December 2015 ESMA/2015/1867 Date: 14 December 2015 ESMA/2015/1867 Responding to this paper The European
More informationNYSE Euronext Response to the European Commission Consultation on the Review of the European System of Financial Supervision
NYSE Euronext Response to the European Commission Consultation on the Review of the European System of Financial Supervision About NYSE Euronext Name of organisation: Name of contact point for response:
More informationPriorities of a Capital Markets Union
Date: 12 May 2015 ESMA/2015/854 Priorities of a Capital Markets Union Luxembourg Stock Exchange Day Steven Maijoor Chair European Securities and Markets Authority Ladies and gentlemen, I am delighted to
More information1. Indirect Clearing. 2. Straight Through Processing (RTS 26)
Whilst FIA Europe continues to analyse ESMA s final draft Regulatory Technical Standards (RTSs) with members, the below list identifies the issues that we recognised to date. The list highlights key issues
More informationQuestions and Answers On MiFID II and MiFIR commodity derivatives topics
Questions and Answers On MiFID II and MiFIR commodity derivatives topics 14 November 2017 ESMA70-872942901-28 Date: 13 November 2017 ESMA70-872942901-28 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
More informationFinal report Technical advice on third country regulatory equivalence under EMIR Hong Kong
Final report Technical advice on third country regulatory equivalence under EMIR Hong Kong 1 September 2013 ESMA/2013/1160 Date:1 September 2013 ESMA/2013/BS/1160 Table of Contents Table of contents 2
More informationRegulating for a truly single capital market: The case of bond markets
Date: 10 December 2015 ESMA/2015/1861 Regulating for a truly single capital market: The case of bond markets 2015 L AGEFI - Paris Steven Maijoor Chair European Securities and Markets Authority Ladies and
More informationESMA s Brexit Reminder
June 1, 2017 ESMA s Brexit Reminder Although most Brexit related media coverage of the financial services sector has focused to date on banking, on insurance and on market infrastructure issues post-divorce,
More informationESMA Risk Assessment Work Programme 2019
ESMA Risk Assessment Work Programme 2019 7 February 2019 ESMA50-157-1588 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring
More informationQuestions and Answers Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR)
Questions and Answers Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) 20 March 2013 ESMA/2013/324 Date: 20 March 2013 ESMA/2013/324
More informationFinal Report. 29 June 2015 ESMA/2015/1006
Final Report MiFID II/MiFIR draft Technical Standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities 29 June 2015 ESMA/2015/1006 Date:
More informationConsultation Paper. Clearing Obligation under EMIR (no. 6) 11 July 2018 ESMA
Consultation Paper Clearing Obligation under EMIR (no. 6) 11 July 2018 ESMA70-151-1530 Date: 11 July 2018 ESMA70-151-1530 Responding to this paper The European Securities and Markets Authority (ESMA) invites
More informationQuestions and Answers On MiFID II and MiFIR commodity derivatives topics
Questions and Answers On and MiFIR commodity derivatives topics 27 March 2018 ESMA70-872942901-36 Date: 27 March 2018 ESMA70-872942901-36 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel.
More informationQuestions and Answers Notification of UCITS and exchange of information between competent authorities
Questions and Answers Notification of UCITS and exchange of information between competent authorities 2012 ESMA/428 Date: 9 July 2012 ESMA/2012/ 428 Contents Question 1: Notification of new investment
More informationFAQs on MiFID II - Transitional Transparency Calculations
ESMA50-164-677 15 May 2018 FAQs on MiFID II - Transitional Transparency Calculations Scope: This document aims at gathering Frequently Asked Questions (FAQs) and answers regarding the publication of the
More informationFinal Report Draft regulatory technical standards on indirect clearing arrangements under EMIR and MiFIR
Final Report Draft regulatory technical standards on indirect clearing arrangements under EMIR and MiFIR 26 May 2016 ESMA/2016/725 Table of Contents 1 Executive Summary... 3 2 Indirect clearing arrangements...
More informationOpinion. 2 May 2016 ESMA/2016/668
Opinion Draft Regulatory Technical Standards on methodology for calculation and the application of position limits for commodity derivatives traded on trading venues and economically equivalent OTC contracts
More informationFinal Report. Clearing Obligation under EMIR (no. 6) 27 September 2018 ESMA
Final Report Clearing Obligation under EMIR (no. 6) 27 September 2018 ESMA70-151-1768 Table of Contents Introduction 5 1 Current temporary exemption 7 2 Proposed amendment 8 3 Further considerations 9
More informationTHE PASSPORT UNDER MIFID
THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Ref: CESR/07-318 THE PASSPORT UNDER MIFID Recommendations for the implementation of the Directive 2004/39/EC Feedback Statement May 2007 11-13 avenue de
More informationFinancial Regulation Monthly Breakfast Seminar
13 March 2019 Financial Regulation Monthly Breakfast Seminar Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated
More informationMarkets in Financial Instruments Directive (MiFID): Frequently Asked Questions
MEMO/10/659 Brussels, 8 December 2010 Markets in Financial Instruments Directive (MiFID): Frequently Asked Questions 1. What is MiFID? MiFID is the Markets in Financial Instruments Directive or Directive
More informationConsultation Paper Draft implementing technical standards under MiFID II
Consultation Paper Draft implementing technical standards under MiFID II 31/08/2015 ESMA/2015/1301 Date: 31 August 2015 ESMA/2015/1301 Responding to this paper The European Securities and Markets Authority
More informationFinal Report Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1)
Final Report Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) 26 March 2018 ESMA70-156-354 Table of Contents 1 Executive Summary... 3 2 Prices reflecting prevailing market conditions...
More informationThe impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal
The impact of MiFID II/MiFIR on Secondary Markets David Lawton Managing Director Alvarez & Marsal MiFID II MiFIR: Necessary adjustments in the new environment HCMC conference Athens : 23 October 2017 MIFID
More informationESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR
09 February 2016 ESRB response to ESMA on the temporary exclusion of exchange-traded derivatives from Articles 35 and 36 of MiFIR 1. Introduction Pursuant to Article 52(12) of the Markets in Financial
More informationOpinion. 1. Legal basis
Date: 22 May 2015 2015/ESMA/880 Opinion Impact of Regulation 648/2012 on Articles 50(1)(g) (iii) and 52 and of Directive 2009/65/EC for over-the-counter financial derivative transactions that are centrally
More informationEuropean Securities Markets Challenges and opportunities ahead
European Securities Markets Challenges and opportunities ahead Outline ESMA s mission Key activities UK s withdrawal from the EU (Brexit) ESA review MIFID 2 implementation 2 ESMA the EU s financial market
More informationBetter to be good and on time than perfect and late: replacing incurred loss by expected loss
19 October 2018 ESMA 32-67-510 Better to be good and on time than perfect and late: replacing incurred loss by expected loss Banco de España CEMFI FSI High-Level Conference The new bank provisioning standards:
More informationGabriel Bernardino (CEIOPS Chair) Opening Speech. CEIOPS Conference Frankfurt am Main, 18 November 2009
Gabriel Bernardino (CEIOPS Chair) Opening Speech CEIOPS Conference Frankfurt am Main, 18 November 2009 Introduction Dear Mr President, Distinguished Guests, Ladies and Gentlemen, On behalf of the Committee
More informationQuestions and Answers Relating to the provision of CFDs and other speculative products to retail investors under MiFID
Questions and Answers Relating to the provision of CFDs and other speculative products to retail investors under MiFID 1 June 2016 ESMA/2016/904 Date: 01 June 2016 ESMA/2016/904 ESMA CS 60747 103 rue de
More informationQuestions and Answers On MiFID II and MiFIR investor protection and intermediaries topics
Questions and Answers On MiFID II and MiFIR investor protection and intermediaries topics 18 December 2017 ESMA35-43-349 Date: 18 December 2017 ESMA35-43-349 ESMA CS 60747 103 rue de Grenelle 75345 Paris
More informationOPRISK USA. New York 25 March The view from Europe. Arnoud Vossen, Secretary General of CEBS
OPRISK USA New York 25 March 2009 The view from Europe Arnoud Vossen, Secretary General of CEBS Ladies and Gentlemen, I am honoured to present to you a European view on risk management and legislation
More informationESMA s role in European and international regulatory cooperation
Date: 12 June 2012 ESMA/2012/367 ESMA s role in European and international regulatory cooperation International Council of Securities Associations, Copenhagen Verena Ross, Executive Director of ESMA Ladies
More informationKeynote Address Opportunities, challenges and regulatory developments
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) Keynote Address Opportunities, challenges and regulatory developments Goldman Sachs TwentyFirst Annual European
More informationKEYNOTE SPEECH: What will the future hold? The European insurance industry in times of major disruption
Dr. Manuela Zweimüller Head of Policy Department European Insurance and Occupational Pensions Authority (EIOPA) KEYNOTE SPEECH: What will the future hold? The European insurance industry in times of major
More informationConsultation Paper ESMA s Guidelines on position calculation under EMIR
Consultation Paper ESMA s Guidelines on position calculation under EMIR 17 November 2017 ESMA70-151-819 Date: 15 November 2017 ESMA70-151-819 Responding to this paper ESMA invites comments on all matters
More informationQuestions and Answers On MiFID II and MiFIR investor protection and intermediaries topics
Questions and Answers On MiFID II and MiFIR investor protection and intermediaries topics 12 July 2018 ESMA35-43-349 Date: 12 July 2018 ESMA35-43-349 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex
More informationIrish Funds position on the Commission s proposal for reforming the European System of Financial Supervision 15 January 2018
We support the ambition of the European Commission to move forward with the Capital Markets Union initiative and recognise the important role that the European Supervisory Authorities (ESAs) can play in
More informationConsultation Paper Indirect clearing arrangements under EMIR and MiFIR
Consultation Paper Indirect clearing arrangements under EMIR and MiFIR 5 November 2015 ESMA/2015/1628 Responding to this paper The European Securities and Markets Authority (ESMA) invites responses to
More informationThe future of life insurance, Solvency II and investment strategies
KEYNOTE SPEECH Gabriel Bernardino Chairman of EIOPA The future of life insurance, Solvency II and investment strategies 11 th Handelsblatt Annual Conference Solvency II Munich, 15 July 2014 Page 2 of 9
More informationEuropean supervision in a changing environment
Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) European supervision in a changing environment Supervision and Regulation of the Financial Sector in the European
More informationOPINION OF THE EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) Of 27 September 2017
27 September 2017 ESMA70-145-171 OPINION OPINION OF THE EUROPEAN SECURITIES AND MARKETS AUTHORITY (ESMA) Of 27 September 2017 Relating to the intended Accepted Market Practice on liquidity contracts notified
More informationMiFID II/MiFIR. Compliance Day. Directive 2014/65/EU and Regulation (EU) No 600/2014. Sabine Schönangerer
Directive 2014/65/EU and Regulation (EU) No 600/2014 MiFID II/MiFIR Compliance Day Sabine Schönangerer DG FISMA, Securities Markets Unit 6 October 2015 02/10/2015 Overview When? Timetable Why MiFid II/MiFIR?
More informationMr. Chairman, Deputies and Senators - thank you for the invitation to participate in
Mr. Chairman, Deputies and Senators - thank you for the invitation to participate in today s meeting to consider the European Commission s ESA Package 1 published on 20 September 2017. These proposals
More informationQuestions and Answers Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS
Questions and Answers Risk Measurement and Calculation of Global Exposure and Counterparty Risk for UCITS 2012 ESMA/429 Date: 9 July 2012 ESMA/2012/429 Contents Question 1: Hedging strategies 5 Question
More informationConsultation Report ESMA s technical advice to the Commission on fees for securitisation Repositories under the Securitisation Regulation
Consultation Report ESMA s technical advice to the Commission on fees for securitisation Repositories under the Securitisation Regulation 23 March 2018 ESMA33-128-212 dd month yyyy ESMAXX-YY-ZZ Responding
More informationESMA Risk Assessment Work Programme 2018
ESMA Risk Assessment Work Programme 2018 9 February 2018 ESMA20-95-839 Table of Contents 1 Summary... 3 2 Introduction... 4 2.1 Objectives of ESMA Risk Assessment... 4 2.2 Coverage... 4 2.2.1 Risk monitoring
More informationProposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
EUROPEAN COMMISSION Brussels, 10.2.2016 COM(2016) 57 final 2016/0034 (COD) Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulation (EU) No 600/2014 on markets in financial
More informationQuestions and Answers Application of the AIFMD
Questions and Answers Application of the AIFMD 5 October 2017 ESMA34-32-352 Date: 5 October 2017 ESMA34-32-352 Contents Section I: Remuneration...5 Section II: Notifications of AIFs...9 Section III: Reporting
More informationAsset Management and Investment Funds Update
Asset Management and Investment Funds Update October 2018 Central Bank Announces Self-Certification Regime for UCITS Financial Indices, Depositary Agreements and other changes In a letter addressed to
More informationSolvency II Where do we stand? Consumer Protection Where do we go?
SPEECH Gabriel Bernardino Chairman European Insurance and Occupational Pensions Authority (EIOPA) Solvency II Where do we stand? Consumer Protection Where do we go? Conference organised by the German Federal
More informationMiFID II: the next step. Fiona Richardson and Mark Spiers November 2015
MiFID II: the next step Fiona Richardson and Mark Spiers November 2015 What we are covering today 2 FCA Discussion Paper 26/3/15 FCA Market Issues Consultation Paper Due 12/15 FCA Conduct Consultation
More informationBrexit: what might change Investment Management
1 Brexit: what might change Investment Management Introduction On 23 June 2016 the UK population voted for the UK s exit from the European Union (EU). The applicable exit procedure and certain possible
More informationISDA Commentary on ESMA RTS on Confirmations (in European Commission Delegated Regulation C(2012) 9593 final (19 December 2012)) 29 January 2013
ISDA Commentary on ESMA RTS on Confirmations (in European Commission Delegated Regulation C(2012) 9593 final (19 December 2012)) 29 January 2013 A Introduction We welcome the opportunity to comment on
More informationFinal Report Technical Advice under the CSD Regulation
Final Report Technical Advice under the CSD Regulation 4 August 2015 ESMA/2015/1219 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel. +33 (0) 1 58 36 43 21 www.esma.europa.eu 2 Table of
More informationConsultation Paper. Amendments to the EMIR Clearing Obligation under the Securitisation Regulation. 04 May 2018 JC
Consultation Paper Amendments to the EMIR Clearing Obligation under the Securitisation Regulation 04 May 2018 JC 2018 14 Date: 04 May 2018 JC 2018 14 Responding to this paper The European Supervisory Authorities
More informationThe law of unintended consequences from current regulatory reform
15 October 2015 The law of unintended consequences from current regulatory reform Simon Puleston Jones Overview - The current wave of regulatory reform - Hedging issues - Capital Requirements reduced liquidity
More informationInvestment Firms. Questions and Answers
2018 Investment Firms Questions and Answers 4 th Edition 2 January 2018 Investment Firms Questions and Answers This document sets out answers to queries which may arise in relation to the Central Bank
More informationConsultation paper on introducing mandatory clearing and expanding mandatory reporting
Supervision of Markets Division The Securities and Futures Commission 35/F Cheung Kong Center 2 Queen's Road Central Hong Kong Financial Stability Surveillance Division Hong Kong Monetary Authority 55/F
More informationFinal Report Amendment to Commission Delegated Regulation (EU) 2017/588 (RTS 11)
Final Report Amendment to Commission Delegated Regulation (EU) 2017/588 (RTS 11) 12 December 2018 ESMA70-156-834 12 December 2018 ESMA70-156-834 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France
More informationFinal Report Technical Advice on the evaluation of certain elements of the Short Selling Regulation
Final Report Technical Advice on the evaluation of certain elements of the Short Selling Regulation 21 December 2017 ESMA70-145-386 Table of Contents 1 Executive Summary... 5 2 Preliminary remarks... 6
More informationQuestions and Answers On the common operation of the Market Abuse Directive
Questions and Answers On the common operation of the Market Abuse Directive 9 January 2012 ESMA/2012/9 Date: 9 January 2012 ESMA/2012/9 I. Background 1. The Market Abuse Directive (2003/6/EC, MAD ), which
More informationTechnical advice on Minimum Information Content for Prospectus Exemption
Final Report Technical advice on Minimum Information Content for Prospectus Exemption 29 March 2019 I ESMA31-62-1207 ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel. +33 (0) 1 58 36 43
More informationQuestions and Answers A Common Definition of European Money Market Funds
Questions and Answers A Common Definition of European Money Market Funds August 2011 ESMA/2011/273 Date: 26 August 2011 ESMA/2011/273 Contents Question 1: A management company s internal rating process
More informationExemption of MiFIR access provisions for trading venues as regards exchange-traded derivatives Procedure / Policy
Exemption of MiFIR access provisions for trading venues as regards exchange-traded derivatives Procedure / Policy 15 September 2017 ESMA70-154-259 Table of Contents Document information and approval...
More informationQuestions and Answers ESMA s Guidelines on ETFs and other UCITS issues
Questions and Answers ESMA s Guidelines on ETFs and other UCITS issues 11 July 2013 ESMA/2013/927 Date: 11 July 2013 ESMA/2013/927 Contents Question 1: Information to be inserted in the prospectus 5 Question
More informationCOMMISSION OF THE EUROPEAN COMMUNITIES
EN EN EN COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, COM(2009) 563/4 PROVISIONAL VERSION MAY STILL BE SUBJECT TO CHANGE COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE
More informationlucht probst associates gmbh MiFID II Index Contents
Contents Markets in Financial Instruments Directive (MiFID II) Directive No. 2014/65/EU... 2 Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No. 600/2014... 10 Overview of Level I,
More informationIt s my great pleasure to be here with you today, to address the annual. Athens Exchange Conference, before such a select and demanding
Good morning ladies and gentlemen, It s my great pleasure to be here with you today, to address the annual Athens Exchange Conference, before such a select and demanding audience, as well as distinguished
More informationPension funds and asset management: A European Perspective
SPEECH/05/539 Charlie McCREEVY European Commissioner for Internal Market and Services Pension funds and asset management: A European Perspective IAPF (Irish Association of Pension Funds) Annual Benefits
More informationQuestions and Answers Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR)
Questions and Answers Implementation of the Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) 5 August 2013 ESMA/1080 Date: 5 August 2013 ESMA/2013/1080
More informationHow can we improve outcomes for investors in investment funds?
Date: 16 November 2016 ESMA/2016/1579 How can we improve outcomes for investors in investment funds? EFAMA Investment Management Forum, 16 November 2016, Brussels Steven Maijoor ESMA Chair Ladies and gentlemen,
More informationEBA FINAL draft implementing technical standards
EBA/ITS/2013/05 13 December 2013 EBA FINAL draft implementing technical standards on passport notifications under Articles 35, 36 and 39 of Directive 2013/36/EU EBA FINAL draft implementing technical standards
More informationEFAMA reply to the EU Commission's consultation on EMIR REFIT
EFAMA reply to the EU Commission's consultation on EMIR REFIT EFAMA 1 welcomes the opportunity to comment on the EU Commission's proposed EMIR refit. We want to congratulate the EU Commission for the excellent
More informationTechnical standards under SFTR and certain amendments to EMIR
Date: 31 March 2017 ESMA70-708036281-82 Final Report Technical standards under SFTR and certain amendments to EMIR ESMA CS 60747 103 rue de Grenelle 75345 Paris Cedex 07 France Tel. +33 (0) 1 58 36 43
More informationChristos Gortsos Associate Professor of International Economic Law, Panteion University of Athens
ERA Conference The MIFID II Legislative Proposal Crucial changes in the reform of MiFID: : distinction between MiFID obligations and MiFIR requirements Christos Gortsos Associate Professor of International
More informationFinal report Technical advice on third country regulatory equivalence under EMIR South Korea
Final report Technical advice on third country regulatory equivalence under EMIR South Korea 01 October 2013 ESMA/2013/1371 Date: 01 October 2013 ESMA/2013/1371 Table of Contents Table of contents 2 Section
More informationFrom cradle to grave - EIOPA s dynamic approach to restoring consumer confidence in the sale of general insurance products.
SPEECH Manuela Zweimueller Director of Regulations From cradle to grave - EIOPA s dynamic approach to restoring consumer confidence in the sale of general insurance products. FCA General Insurance Sector
More informationTrade transparency and possible waivers and deferrals for non-equity instruments
27 June 2017 Trade transparency and possible waivers and deferrals for non-equity instruments The EU aims to promote trade transparency in the financial markets in Europe. With greater transparency, investors
More informationClarification Temporary Equivalence and Recognition in relation to UK CCPs
7 December 2018 Commissioner Valdis Dombrovskis Vice-President for the Euro and Social Dialogue, Financial Stability, Financial Services and Capital Markets Union European Commission Dear Vice-President
More information